The Spanish-led consortium that bought UK airports operator BAA for £10.1bn (€14.5bn) last year has warned it may fail to adhere to the proposed terms of a landmark debt refinancing plan in the wake of a regulatory report on airport pricing competition published today.

The consortium, which was led by Spanish infrastructure group Ferrovial and bought BAA through a vehicle called Airport Development and Investment in September last year, had been drawing up plans since August last year to refinance its and BAA's existing debt through a form of whole business securitisation.